Selling your business to the most suitable candidate takes shrewd marketing to attract the correct people in the first place. Finding your USP is a good place to start, even if you already know your USP it may be good to do some research as you may discover things about your business that you have missed previously. If you are, struggling to sell or you’re no sure where to start then businesses such as BCMS are experienced in the process and can offer great support and advice.
Here are some tips for identifying your USP:
What are buyers searching for?
It’s all well and good to have a USP that you think defines your business, but you need to ask yourself, is this what buyers want?
The only way to find out id to get out and speak to them, ask questions about what they’re looking for, it may be that they want a business with a loyal customer base with growth potential, or healthy sales with a quick turnover. Alternatively, they may be expanding their business and require certain expertise that your staff can provide.
No matter what just remember to be transparent from employment contacts, to insurance policies, there’s no point in covering anything up.
Understand what makes you different
Take a look at all aspects of your business to uncover your USP. Many times people make the mistake of focusing on profit, and product USPs rather than considering all areas, here are some things you may be missing:
- Supplier relationships – a good relationship can take years to build so this can be of high value.
- Intellectual Property – think about all of your assets including ‘soft’ assets which can give you a competitive advantage.
- Your Employees – you may have employees that are valued as experts within the market, and this should be a major selling point.
- Brand Identity – a strong brand presents in your sector means a lot, if people identify your brand as trustworthy and helpful this could go a long way.
Crafting Your Message
Once you have identified the key selling points you must ensure your message is communicated effectively. This can be done through a professional acquisitions specialist or via a thorough plan that you have created yourself and understand completely.
If buyers are not in your sector then sometimes you may need to include details that seem obvious to you, so understand who you are speaking to before arranging any details.
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